Forex Market News-03 March 2016

The Indian Rupee appreciated by 0.46 percent in yesterday’s trading session on the back of optimistic global market sentiments. Risk appetite in the global markets increased after strong data from world largest economy. Finance Minister Arun Jaitley said the government will take measures to support export sector, Growth of Economy accelerated to 7.6% in 2015-16, Fiscal deficit seen at 3.9% of GDP in 2015-16 and 3.5% in 2016-17. In Intraday Indian Rupee touched a high of 67.53 and closed at 67.5425 against Dollar.

EUR-INR:

Euro appreciated marginally by 0.02 percent in yesterday’s trading session on the back of weakness in dollar but remained near three weeks low on the back of weak economic data from Euro Zone. Unsatisfactory economic data from Europe fueled the expectation of more monetary easing by European Central Bank in its upcoming meet to revive economic growth. Bank of France Governor François Villeroy de Galhau said that ECB is ready to introduce new stimulus measures to boost low inflation.

GBP-INR:

Pound appreciated by 0.9 percent in yesterday’s trading session on the back of weakness in dollar and optimistic global market sentiments. However, a sharp gain was capped on weak economic data from UK. UK Manufacturing and construction data showed that the activity in the sector slowdown. UK construction PMI tumbles to 54.2 in February from 55.0 in January. Pound remained near 7 years low on the worries over Britain exit from EU.

JPY-INR:

Japanese Yen appreciated by 0.49 percent in yesterday’s trading session on the back of weakness in dollar and upbeat economic data from Japan. However, sharp gain was prevented as the demand for safe haven declined on the back of rise in risk appetite in the global markets. In intraday Yen touched a high of 113.19 and closed at 113.49 against Dollar.